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Investing.com - Airo has announced the development of a new cargo drone, as the firm looks to provide an alternative to traditional freight solutions like box trucks and tractor-trailers.
In a statement, New Mexico-based Airo said the drone would be designed to carry between 250 to 500 pounds over distances of 200 miles or more.
The aircraft, which would utilize technology from Airo’s Jaunt electric air mobility segment, combines the "vertical takeoff capability of a helicopter with the cruise efficiency of a fixed-wing" plane, the company added.
"[T]his cargo drone represents a strategic milestone -- delivering advanced air mobility solutions to customers sooner while building the foundation for potential future mixed-use and passenger services,” said Airo CEO Joe Burns.
A ground control system which integrates real-time flight monitoring and secure communications management would also support the drone, Airo noted. Jaunt leader Martin Peryea called the aircraft an "innovative solution" that aims to serve both "remote and urban communities."
Meanwhile, Airo outlined plans for Jaunt to spearhead the expansion of the group’s operations into the YMX Innovation Zone, an area within a cargo airport in Quebec, Canada dedicated to aerospace research. Major industry players like Airbus, Safran (EPA:SAF), and Pratt & Whitney also have a presence at the site, according to Aeroports de Montreal.
The strategic location will allow Jaunt to move products from concept to real-world deployment more efficiently, Airo said.
"[W]e’re creating a scalable, interoperable ecosystem that addresses both cargo and passenger needs. Our expansion into the YMX Innovation Zone accelerates this vision," said Airo Executive Chairman Chirinjeev Kathuria.
Tuesday’s announcement comes after Airo made its market debut in June, pricing its initial public offering of 6 million shares of its common stock at $10 per share. It closed on Monday at $22.89.